If you look at the pension system from a governance perspective, it's actually quite fragmented. We have some very fine large-scale institutions that are very well managed, and I would put the CPP Investment Board into that category.
My recommendation, by the way, is not to expand the Canada Pension Plan as it currently exists. My recommendation is to do a supplementary add-on, which I think should be set up as a separate arm's-length organization. I know we can do this. We can create an organization that will be scaled, well managed, and at arm's length.
We have a number of other great pension institutions in Canada that people from all over the world come to study for their effectiveness. However, we also have a significant part of the system that's still being managed through much smaller entities: much less well governed and much more expensive. There is no uniform “Yes, everything is wonderful”. We have a fragmented system. That's why one of my planks is to figure out what to do and how we can get these less-managed pieces of the system into a more well-managed component.
There are two regulatory processes in the world that are consciously moving their systems in that direction. One is in the Netherlands and the other one is in Australia. In both cases the regulatory processes are starting to set higher standards for governance. If the pension plan can't meet those standards, then they're forced to merge with a larger, better-managed organization. I think we should look at that idea.